VF Corp Reports Third Quarter Earnings That Beat Expectations

10/23/17

Shares of apparel manufacturer VF Corp. rose more than 5 percent on Monday after the Greensboro-based company reported earnings for the third quarter that easily beat Wall Street expectations, according to a filing with the Securities and Exchange Commission.

The company reported earnings of $1.23 per share, which beat estimates of $1.12 per share by analysts. Additionally, the company’s total revenue increased 5 percent year over year to $3.5 billion.

Outdoor and action sports, international, digital and direct-to-consumer divisions all saw decent increases, signaling an overall strong quarter for the company.

“VF’s third quarter results were strong, fueled by accelerated momentum across the company’s international and direct-to-consumer platforms and our Outdoor and Action Sports and Workwear businesses,” said Chief Executive Officer Steve Rendle in a statement. “Based on the strength of our third quarter performance and the stronger growth trajectory we see for the remainder of 2017, we are again increasing our full year outlook and making additional growth-focused investments aimed at accelerating growth and value creation into 2018 and beyond.”

VF also released projected results for 2017, with revenue expected to be at $12.1 billion and earnings per share at $2.73. Analysts are currently projecting revenue of $11.8 billion.

Greensboro-based VF has more than 30 brands, including Vans, The North Face, Timberland, Wrangler and Jansport. Last month, it agreed to acquire the company that makes the Dickies brand for $820 million.

Additionally, the company’s quarterly dividend rate increased by 10 percent to 46 cents per share.

VF Corp. stock was trading at $69.66 Monday morning, up 5.05 percent from the market’s opening.

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